MAI Capital Management LLC, an independent registered advisory group specializing in high-net-worth clients, has acquired the wealth management division of Calfee Financials Advisors Inc.
The deal will add $75 million in AUM to MAI, a fee-based registered investment advisor and wealth management firm. Headquartered in Cleveland, it also has offices in Columbus, Ohio, Ponte Vedra Beach, Fla., Nashua, N.H. and Irvine, Calif. The acquisition closed on Jan. 31.
This is MAI’s first acquisition of 2018 and expands its service in the greater Cleveland market. In 2017, the firm acquired a minority investment from financial services holding firm Wealth Partners Capital Group, a source confirmed.
MAI Capital Management manages and advises $4.8 billion in assets.
Peter Calfee will serve as MAI's managing director, and will continue to provide services for Calfee Financial’s non-profit clients. Doug Andrassy will serve as MAI's director and wealth manager, the company said.
Chagrin Falls, Ohio-based Calfee Financial Advisors provides financial planning services for high-net-worth business owners and families through its wealth management division.